Tilray Brass on Beer Strategy: Shock Top and Carlsberg “Will Be Our Two National Brands”

Dear Client: Tilray’s Q4/ Fiscal Year 2026 earnings call yesterday shed some light on how the company’s acquisition of UK-based BrewDog is impacting its overall beverage portfolio strategy at a time when craft beer has been down in the U.S.  Recall, the BrewDog deal closed in Q4 and helped boost Tilray’s beverage business in the quarter, with net revenue coming in at $105.6 million in Q4 vs. $65.6 million YA. Carl Merton, Tilray’s CFO, specifically called out the “strategic addition